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Challenger, Gray and Christmas Announced Layoff Survey May 2009

It is important to note that the Challenger, Gray and Christmas survey is of announced layoffs and not all layoffs. I point to this survey frequently because it shows trends and as we all try and figure out what is going with the labor market one more bit of data to take a look at.

The trend we see here as with other data that is coming out is we are at or likely have seen the worst of the jobs reports although here we see comments (and I agree) that we are not coming out of this as fast as some think or would like to hope.

Is this “good news”? I prefer not as bad news.

So to the trends...

  • 111,182 announced layoffs in May is lowest level since 95,094 in September 2008
  • 132,590 job cuts in April 2009
  • 150,411 job cuts in March 2009
  • 241,749 job cuts in January 2009
  • 103,522 job cuts in May 2008

So far job cuts through:

  • May 2009 822,282
  • May 2008 394,193

A quote from CEO John Challenger:

“This decline in job cuts could be short-lived,” Challenger said. “The second quarter is typically the lowest quarter of the year when it comes to job cuts. Corporate downsizing may continue to remain slow during the summer months, but if the past is any indication, we could see the pace accelerate again in the latter half of the third quarter through the end of the year."

Here is an interview from CNBC:

Click Employment & Economic Statistics for more posts on the topic and MN Headhunter for the latest blog posts.


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